Our Canonbury lawyer has uncovered an inconsistency between the assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I purchased a freehold property in Canonbury yet invoiced for rent, why is this and what is this?
It is rare for properties in Canonbury and has limited impact for conveyancing in Canonbury but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather use a specialised conveyancing solicitor in Canonbury?
You should check but the the likelihood is that appoint one of their panel lawyers where you take up the "fee-free" incentive. Contact the lender and explore if they allow a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Canonbury.
Me and my brother purchased a renovated Victorian property in Canonbury. Conveyancing practitioner acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Canonbury and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who carried out the work.
Hoping to buy a property located in Canonbury and I am already nervous. I couldn't find anything specific about Canonbury. Conveyancing will be needed in due course but do you know about the Canonbury area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Canonbury. In the meantime here are some basic statistics that we found
My husband and I are 18 days into a freehold purchase having been recommend to solicitors by the estate agent to execute conveyancing in Canonbury. I am not happy. Could you you assist me in finding new solicitors?
A lawyer would have to be really bad to suggest changing them. Has the mortgage been generated? If so you must make them aware of the new lawyer and get the mortgage documents are re-sent. Your new solicitor ideally should be on the banks panel to avoid supplemental fees and delays. So that should be your first question of the new solicitors. Our search tool will help you find a bank approved solicitor for your home move in Canonbury